Shares blow for Saipem

By Eoin OCinneide

 31 January 2013 23:59 GMT

Shares in Milan-based Saipem sank this week after it downgraded its 2013 earnings potential and lowered projected earnings for 2012.

Earnings before interest and tax (Ebit) for 2012 will be €1.5 billion ($2.03 billion), 6% below forecasts.

Saipem warned of an 80% drop in Ebit in its onshore engineering and construction division in 2012 and a 70% fall in its offshore engineering and construction business.

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